The IRS recently issued final regulations covering procedures for arranging installment agreements. These new regulations generally take a pro-taxpayer approach. 

In the preamble to the regulations, the IRS also acknowledged that many taxpayers have faced difficult financial situations as a result of the recession. It reiterates that you may request a revision of an agreement if you are experiencing economic hardship. 

Should you work out a deal with the IRS? Obtain professional assistance to answer this question. More details are available upon request.

TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.